FROM 2014 to 2020, the European Union (EU) had delivered 884 million euros ($F2.15 billion) of development assistance to the Pacific.
These was highlighted by European Union (EU) ambassador to Fiji and the Pacific, Sujiro Seam while speaking at the joint PIFS-International Trade Centre (ITC) Symposium on Trade Finance in Suva yesterday.
Mr Seam revealed that in 2019, an average year, trade volumes between the EU and the Pacific amounted to 2.5b euros ($F6.1b).
“You can see that the prosperity, the growth, the income, job creation and potential for investment is far better from trade than foreign international assistance from development partners,” Mr Seam said.
“Having said that, we recognise that in this part of the Pacific, there are obstacles to really reap the benefits of trade.
“This is the reason why as part of our assistance to the region, we have the regional program on the Pacific regional integration which compromises several components which are aimed at addressing the bottlenecks and obstacles which we have identified jointly with the PIFS and other international and regional organisations working on trade issues in the region.”
He highlighted that the EU recognised that in the trade between the Pacific and the rest of the world, agricultural products occupied a very prominent place.
“This is why as our component of the Pacific regional integration program, we focus on agricultural trade facilitation.”
He further added that international trade was a matter for the private sector.
“This is the reason why as part of our program to enhance trade in the region, we focus on private sector development initiative.
“It has been mentioned many times that the structure of the companies, involved in trade in the pacific are micro small medium sized enterprises. That’s the reason why the last component of our assistance to the region to develop trade, we work with the Asian Development Bank on these MSME projects.
“In total we will provide 37m euros ($F89.9m) to the region and I think it will allow to make a difference in trade finance.”
